What definition of "institutional funding" did you use in the report? The wording implies that you didn't count angel investments as institutional funding. So how do you treat angel-sized investments by VCs? Does "institutional investment" mean only series A rounds and later, or would that also include a $100k investment by a VC firm in a seed round?

Also, what is your definition of an institutional investor? Do you count super-angels like Jeff Clavier and Aydin Senkut?